Budget Meeting Notice

2019 Budget

The core (shared) 2019 budget has been lowered from $15/mo to $12/mo. This was possible due to the Titan bulk discount for Beacon Park sub phases.

The 2019 townhome budget has been lowered from $135/mo to $133/mo for a total (combined with shared) of $145/mo. Due to the retained earnings credit of $145/mo the townhome owners will not need to make any assessment payments in 2019. NOTE: Coupon books were mailed by mistake to townhome owners, Titan will mail correction/clarification.

Retained Earnings (Townhome Surplus)Here is some background on the decision to credit the townhome assessments for 2019. When the housing bubble burst in 2008 we had 35% vacancy, so fees had to be raised to cover bad debt. Almost all of the vacant units were occupied by 2013, but the fees were not lowered to reflect that, which generated a surplus from 2013 to 2016. The cumulative retained earnings at the end of 2017 was 261K, which matches pretty well the bad debt of 268K incorrectly charged to the townhomes. Townhome surpluses should be moved to townhome reserves at the end of each year, however this was not done in the past so we made that correction in 2018. One idea for the surplus was to purchase triple pane windows for the townhomes, which would be more energy efficient, provide sound proofing and eliminate the need for hurricane shutters. Unfortunately the quote for windows was about $1M for 104 units which would wipe out the entire 261K surplus along with the remaining reserves and would still require a special assessment, so the window project was not pursued any further. Rather than try to come up with a way to spend this money, the Board decided to refund the overpayment from prior years back to the homeowners. The credit for the entire year budget for 2019 comes to 181K, so there will still be 80K leftover from the 261K surplus that will shore up the townhome reserve accounts in 2019 and going forward.

2018 Budget

The core (shared) 2018 budget total remains at $15, however due to feedback we will no longer be anticipating any fine revenue. The Board has worked extensively on the 2018 townhome budget and we are pleased to announce it has been lowered to $150/mo (15 + 135).

2017 Budget

The core 2017 budget total remained the same as 2016. However, revenue from the Fine Committee enabled us to lower the shared monthly dues from $15 to $13.

Greeneway Combined Billing

Fishkind was contacted in October 2016 to combine billing with Beacon Park Phase 1. Fishkind indicated at that time it was too soon to make a change for 2017 but will consider for 2018. Fishkind did not follow up on this, so Phase 1 contacted them again in September 2017. Fishkind stated this will be discussed by the Greeneway Park Board and attorney, but so far no action has been taken for 2018. Fishkind was contacted again in 2018 and they did not respond.